Oil rose near $94 a barrel Wednesday, a day after falling to a five-month low.
Benchmark U.S. crude for December delivery gained 84 cents to close $93.88 on the New York Mercantile Exchange. That followed Tuesday’s drop of $2.10 a barrel, which was the sharpest one-day decline since Sept. 10.
Oil is still down $8.53, or 8.3 percent, in the past month. Traders say further declines are likely. Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said in a note to clients that while oil could push back above $95, he expects it to decline to around $87-$88 at some point.
Traders are waiting for the latest data on U.S. crude stocks. Data for the week ended Nov. 8, due Thursday, are expected to show an increase in crude oil stocks of 1.8 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. That would mark the eighth straight weekly increase.
